The largest cryptocurrency exchange by trade volume, Binance Holdings, is reducing employment at Tokocrypto, PT Crypto Indonesia Berkat, in Indonesia.
The parent company has now fully acquired Tokocrypto, and CEO Pang Xue Kai has been replaced. For the time being, Yudhono Rawis will serve as interim CEO, and Binance will make 58% of employee layoffs. Changpeng Zhao, the CEO of Binance, also acknowledged the trade on Twitter.
According to CoinCu news, which Binance cited on its website, Binance has formally acquired Tokocrypto. Its stake has increased from more than 51% to 100% at this time.
Binance Will Reduce Employees
On Tuesday, they sent an email statement regarding the development. According to a report from the company, Pang Xue Kai will continue to support the leadership of Tokocrypto in his new position while also remaining a member of the board of commissioners. Notably, Yudhono Rawis will assume the position of acting CEO to adhere to a national policy for the appointment of local executives.
According to Rieka Handayani, VP of Corporate Communication at Tokocrypto, there has been an employee adjustment of almost 58%. The Indonesian unit will also halt expanding into non-exchange industries. Tokocrypto was established in June 2017 to become Southeast Asia’s top exchange for digital assets by offering users a convenient, quick, safe, and secure platform to conduct business on. Currently, the corporation is based in Jakarta, the capital of Indonesia, and one of the major commercial hubs in the area.
According to daily trade volume, Binance, which was founded in 2017 by Changpeng Zhao, is the biggest cryptocurrency exchange in the world. The exchange registers more than 1.4 million transactions every second and an average daily volume of 2 billion, according to the website.